Myriad Genetics (NASDAQ:MYGN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday. The brokerage currently has a $34.00 target price on the stock. Zacks Investment Research‘s price target indicates a potential upside of 12.10% from the stock’s current price.
According to Zacks, “Over the past year, Myriad Genetics has outperformed its industry. The company observed strong growth in GeneSight, EndoPredict and Prolaris testing revenues. Further, management believes that Hereditary cancer pricing has remained stable on a sequential basis for four consecutive quarters. We are upbeat about Myriad Genetics’ expectation to witness a stable pricing trend in the same to continue throughout fiscal 2019. Moreover, on solid performance by new products, Counsyl buyout synergy, success of the Elevate 2020 program along with augmenting reimbursements for the tests, the company seems to be well-positioned to deliver strong financial results in fiscal 2019. However, the decline in Hereditary cancer testing revenues raises concern. Currency fluctuations and stiff competition are other concerning factors.”
A number of other analysts have also weighed in on MYGN. Morgan Stanley upped their price objective on shares of Myriad Genetics from $51.00 to $54.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 10th. Deutsche Bank upped their price objective on shares of Myriad Genetics from $37.00 to $43.00 and gave the stock a “hold” rating in a research note on Monday, November 5th. Goldman Sachs Group raised shares of Myriad Genetics from a “sell” rating to a “neutral” rating and set a $32.72 price objective for the company in a research note on Sunday, December 9th. Cowen raised shares of Myriad Genetics from a “market perform” rating to an “outperform” rating in a research note on Friday, January 4th. Finally, BidaskClub lowered shares of Myriad Genetics from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, October 9th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $39.70.
Myriad Genetics (NASDAQ:MYGN) last issued its earnings results on Tuesday, November 6th. The company reported $0.43 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.13. The firm had revenue of $202.30 million during the quarter, compared to analyst estimates of $203.20 million. Myriad Genetics had a net margin of 7.07% and a return on equity of 10.07%. The business’s revenue was up 13.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.26 earnings per share. Analysts predict that Myriad Genetics will post 1.5 earnings per share for the current year.
Institutional investors and hedge funds have recently bought and sold shares of the company. Quantbot Technologies LP acquired a new position in shares of Myriad Genetics during the third quarter valued at about $130,000. First Quadrant L P CA acquired a new position in Myriad Genetics in the 3rd quarter worth approximately $201,000. Ibex Investors LLC acquired a new position in Myriad Genetics in the 3rd quarter worth approximately $202,000. Parametrica Management Ltd acquired a new position in Myriad Genetics in the 3rd quarter worth approximately $204,000. Finally, CHICAGO TRUST Co NA grew its stake in shares of Myriad Genetics by 50.0% during the 4th quarter. CHICAGO TRUST Co NA now owns 7,500 shares of the company’s stock worth $218,000 after purchasing an additional 2,500 shares during the period. Hedge funds and other institutional investors own 99.06% of the company’s stock.
About Myriad Genetics
Myriad Genetics, Inc, a molecular diagnostic company, focuses on developing and marketing novel predictive medicine, personalized medicine, and prognostic medicine tests worldwide. The company offers molecular diagnostic tests, including myRisk Hereditary Cancer, a DNA sequencing test for hereditary cancers; BRACAnalysis, a DNA sequencing test to assess the risk of developing breast and ovarian cancer; BRACAnalysis CDx, a DNA sequencing test for use as a companion diagnostic with the platinum based chemotherapy agents and poly ADP ribose inhibitor Lynparza; riskScore, a clinically validated personalized medicine tool; GeneSight, a DNA genotyping test to optimize psychotropic drug selection for neuroscience patients; and Tumor BRACAnalysis CDx, a DNA sequencing test that is designed to be utilized to predict response to DNA damaging agents.
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